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Cement companies’ profits for the second quarter of FY23 were marked by the double whammy of higher costs and weaker achievements. Thus, the overall impact on the Ebitda/Mt sector was more severe than expected.
Most coverage companies reported all-time lows Ebitda/mt. Besides our covering stock, India Cements Ltd and Sanghi Industries Ltd. For a loss at the absolute Ebitda level.
The price hike was minimal due to increased competition and the extension of monsoons in some areas, which affected profitability.
Most companies directed that costs likely peaked in the second quarter of FY23 given the recent decline in the prices of various commodities such as crude oil/coal.
However, coal/coke prices have been volatile and will be a major factor to watch in the second half of fiscal ’23.
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